Project Management Success Through Estimation Mastery

Course overview

Project management professionals who complete this certification course will have advanced project estimation skills. The course will cover a variety of methods, instruments, and approaches that are necessary for precise project cost, schedule, and resource estimation. In order to prepare learners for issues in project estimation across various industries and project types, the course places a strong emphasis on practical application through case studies, simulations, and real-world examples.

Precisely estimating the amount of time, money, and resources needed for a project is the process of creating a project estimate. In order to accomplish this, historical data is examined, client information is obtained, and a list of all resources and their duration of usage in the project is itemized.

Establishing your project scope and then developing a project cost breakdown structure can help you identify all of your various project expenses at each phase of the project life cycle, which will help you build a project estimate.

Applying time and resources to solve a problem or accomplish a goal as described in the Scope Statement is the process of estimating a project. Gantt charts, precedence diagramming techniques, and other tools are utilized to ascertain the most effective timetable for the project’s successful completion. This course will cover resource planning and cost estimation approaches to help you apply the right resources and determine how much the project will cost.

Project management software, such as Project Manager, makes project cost estimation easier. Incorporate labor rates for your team as well as project budgets and estimated prices for particular jobs. Our Gantt chart will automatically compute your expected project costs as you design your plan. Additionally, you may use our automated dashboard to track your costs in real time as the project progresses.

Introduction

Welcome to the Certification Course for Project Management Estimation! The goal of this training is to give project managers the cutting-edge abilities and methods required for precise and trustworthy project estimation. This certification will teach you the skills and information you need to thrive in project cost, schedule, and resource estimation, regardless of whether you’re new to project estimation or looking to improve your current abilities.

A crucial topic for the PMP certification test is estimation tools and methodologies. These are utilized by numerous process groups as outlined in the PMBOK. These tools and methodologies are helpful for performing different project-related estimations, as well, from the standpoint of general project management. This post will outline these resources and methods for various procedures and teach you how to retain them from the standpoint of the test.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Project Management Estimation Advance Certification Course, participants will be able to:

• Provide a reliable procedure for project time, cost, and resource allocation estimation.
• Provide a strong basis for scope definition for the estimations.
• Examine several automated and manual estimating techniques.
• Establish the conditions necessary to get a reliable estimate.
• Recognize the vocabulary and basic principles of project estimate.
• For precise estimation, become proficient in Monte Carlo and parametric simulation methods.
• Utilize agile estimation techniques to adjust to changes and uncertainties in the project.
• Analyze, evaluate, and control project risks that have an impact on estimating.
• Make good use of project management software to estimate costs and schedule tasks.
• Handle legal ramifications and base contract negotiations on precise estimations.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Project Management Estimation Advance Certification Course training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What is project estimation’s main objective?
• Project managers divide jobs into smaller components using this estimating method?
• In project estimate, what does “contingency reserve” mean?
• Give an explanation of “parametric estimating” and an example of how it is used.
• What are the most important things to think about while creating a project estimate?
• Describe the distinction between “bottom-up” and “top-down” estimation techniques.
• What effect might change in project scope have on the accuracy of estimations? Give an example.
• How can the estimating process benefit from stakeholder involvement?

Course Modules

This Project Management Estimation Advance Certification Course covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Advanced Methods of Estimation

• A Monte Carlo simulation used to estimate projects.
• Models of parametric estimation.
• Expert Opinion and Delphi Refinement Technique.

Module 2 – Risk Reduction in Approximation

• Project Estimation Using Quantitative Risk Analysis.
• Scenario planning and Sensitivity Analysis.
• The Effects of Risk Mitigation Techniques on Estimates.

Module 3 – Flexible Approximation

• Methods of Agile Estimation (Wideband Delphi, Planning Poker).
• Story Points versus the Estimated Ideal Days.
• Modifying Approximations inside Agile Iterations.

Module 4 – Tools and Software for Estimation

• Advanced Microsoft Project Methods
• P6 Primavera
• Personalized Estimating Instruments

Module 5 – Cost Control

• Planning of Resources
• Identifying the Resources
• Estimating Costs
• Building Rates With All Inclusive Expenses
• Expense Allocation

Module 6 – Legal and Contractual Considerations

• Liability and Accuracy of Estimations
• Strategies for Negotiation
• Dispute Settlement

Module 7 – Estimation Based on Data

• Large Data for Approximation
• Applications of Machine Learning
• Analytics for Predictive

Module 8 – Morality and Expertise

• Moral Concerns in Appraisal
• Expert Guidelines
• Accountability and Transparency

Module 9 – Proficient Cost Approximation

• Costing Based on Activities (ABC)
• Costing of Life Cycles
• Analysis of Vendor Bids

Module 10 – Project Estimating Examinations and Audits

• Methods of Estimation Auditing
• Comparing and contrasting
• Constant Enhancement

Module 11 – Stakeholder management and communication

• Successful Communication Techniques
• Managing the Expectations of Stakeholders
• Management of Conflicts

Module 12 – Cultural and Global Aspects

• Challenges in Cross-Cultural Estimation
• Global Project Administration
• Estimating for a Remote Team

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• Which estimating method computes the mean of the most likely, pessimistic, and optimistic estimates?
• What is the main advantage of project estimate utilizing a Work Breakdown Structure (WBS)?
• What does “Monte Carlo simulation” aid in when it comes to estimation?
• In project management, what is the primary function of a contingency reserve?
• Explain the distinctions between “bottom-up” and “top-down” estimation techniques and when to apply either.
• Describe how project estimates can be made more accurate by using historical data.
• What tactics may be used to increase project estimation accuracy?
• Talk about how crucial it is to include stakeholders in the estimation process.
• Give an example of how scope modifications may impact project estimates and how to deal with them.

Lessons Learned

• Methodology: Using a structured estimation process improves accuracy and dependability while lowering project risks.
• Risk Management Integration: To detect and reduce potential uncertainties, risk management must be integrated into estimating procedures.
• Tools and Technology: Simplifying estimation procedures and enhancing decision-making can be achieved through the efficient use of bespoke tools and project management software.
• Data-Driven Decision Making: More accurate project planning and estimating are possible when data analytics and simulation tools are used.
• Legal and Ethical Considerations: Maintaining openness and stakeholder trust is ensured by being aware of the legal ramifications and upholding ethical standards in estimating.
• Communication and Stakeholder Engagement: Project success depends on managing stakeholder expectations and providing clear estimates.
• Continuous Improvement: To increase accuracy over time, estimating procedures must be reviewed and adjusted on a regular basis in light of feedback and lessons gained.
• Global View: Collaboration and project outcomes are improved when estimating techniques are adjusted to various cultural and global contexts.
• Agile adaptation: In dynamic project environments, agile estimation methodologies promote responsiveness and flexibility, which improves adaptation to change.
• Professional Development: Project estimating competency is demonstrated to prospective employers or clients by certification, which verifies expertise and expands career options.